This is not a ZEC short order that was suddenly trapped, but a long-term persistence that is becoming more and more unwilling to stop losing money Address: 0x362ad6209a5e904a5569f69884375809c5781d9f Now he has about 15800 ZEC short positions in his hands, with a nominal value of about 17.98 million U and an average opening price of 866.9 US dollars. After ZEC rose to $1140, the floating loss of this position has expanded to approximately $4.29 million, with an estimated liquidation price around $1401 But if we flip through his historical records, we will find that this is not an isolated transaction Before shorting ZEC, he had repeatedly traded BTC and MSTR. In the public transaction, it can be seen that he once held a large amount of BTC short positions, and subsequently replenished them multiple times, but the achieved results were not ideal; XYZ: There have also been records of consecutive flat and short losses on MSTR. After those positions were liquidated, he did not completely leave the market, but instead placed a bigger bet on ZEC The establishment of a short position in ZEC is not a one-time transaction. In the transaction records, nearly a thousand short positions can be seen, and the positions gradually pile up, eventually forming the current short position of over 17 million U. However, in the past 7 days, he has not made any new ZEC transactions, indicating that he is currently holding positions in place rather than continuing to actively adjust The problem is that the market has gone too far. When the price of $866 was short, he bet that 'if it rises too much, it will fall'; Rising to $950, may still be waiting for a pullback; After breaking through $1000, the original short-term judgment has turned into directional confrontation. The current price is 1140 US dollars, with a total equity of approximately 3.84 million US dollars and a margin of approximately 4.49 million US dollars. The available withdrawal balance is 0 Of course, he still has a chance to wait for ZEC to fall, but the clearing line of $1401 is also waiting ahead. The distance is not a few thousand dollars, but about 261 dollars This type of position is most likely to create the illusion that as long as the position is not closed, the loss will only be on paper. In the cross margin mode, time, capital costs, and price fluctuations will continuously consume the safety margin. The current ZEC bears are no longer a matter of whether they are bearish or not, but rather whether this position can hold on until a pullback occurs He has tried several counter trend trades on BTC and MSTR in the past, and finally concentrated his short positions on ZEC. Just this time, the market didn't leave too much room for him to make mistakes Source: AiCoin on chain data ZEC Hyperliquid Whale Short Cryptocurrency Smart Money